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New York Daily News Exploring a Sale

Mort Zuckerman, owner of the New York Daily News, is exploring a sale of the newspaper.

In an email to Daily News staff Thursday, Mr. Zuckerman said he was approached a few weeks ago and asked about his potential interest in selling the paper. "Although there were no immediate plans to consider a sale, we thought it would be prudent to explore the possibility and talk to potential buyers and/or investors," he wrote in the email.

"I have not come to this decision easily," added Mr. Zuckerman, who bought the Daily News in 1993. "But I believe the immense hard work in turning the business around in an extremely challenging period for the industry, has put the Daily News in as strong a position than it has ever been, particularly online."

A spokesman for the Daily News declined to elaborate beyond the memo.

The Daily News is among the most widely circulated newspapers in the U.S. However, newspapers continue to face revenue shortfalls as readers and advertisers migrate in ever great numbers to digital media, where digital ad rates are usually cheaper than print.

Here's the full memo from Mr. Zuckerman:

I want to share with you a new development regarding the company.

A few weeks ago, we were approached about our potential interest in selling the Daily News. Although there were no immediate plans to consider a sale, we thought it would be prudent to explore the possibility and talk to potential buyers and/or investors. To help us with the process, I have retained Lazard, a leading financial advisory firm.

I have not come to this decision easily. But I believe the immense hard work in turning the business around in an extremely challenging period for the industry, has put the Daily News in as strong a position than it has ever been, particularly online.

I appreciate that this news is difficult for you to digest. But I want to reassure you that my aim throughout this process will be to do the right thing for the business to ensure the Daily News and its brilliant staff have the best opportunity to achieve all our future ambitions.